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iPipeline reports 89% increase in Q3 business volumes

iPipeline, a provider of solutions and services to the
life and pensions market, has reported a record 88.6% increase in third quarter
new business volumes through its protection sourcing solutions.

Existing clients contributed to a 17.8% increase in new
business, with new client wins making up the rest.

Mortgage brokers continued to outperform independent
financial advisers (IFAs), with new business volumes up 90.5% year-on-year compared
with 32.4% from IFAs.

iPipeline said it has also seen a wider spread of
solutions being selected, with the volume of multi-benefit new business
year-on-year sales increasing by 63.6% and income protection sales rising by
65% in the third quarter.

The data shows there is a growing trend in younger
clients purchasing protection. In 2015, the under-30s accounted for just 14% of
policies sold, which rose to 18% in Q3 2019.

Ian Teague, UK group managing director at iPipeline, said
the rise in young people buying protection has been driven by providers
developing solutions that better serve younger people’s needs, along with
advisers engaging and having deeper protection conversations with young people.

Roy Mcloughlin, associate director at Cavendish Ware and
co-chair of the Income Protection Task Force, added: “It seems our wealth
advisory and mortgage broker colleagues are helping to make protection central
to all financial advice.”